Balance Transfer: How Quick?

TheShape

redux wrote: »

Just check how it works. Some card direct debits will collect the full defined payment (either minimum or all) from the previous statement even if there has meanwhile been another part payment sent manually or by standing order.

From some posts here, maybe Tesco does this.

And if there is to be any spending on the card, then at least cover this, else that part will incur interest.

I intend to spend a modest amount a month (£25 to £50) and pay manually by faster payments.

Do you mean that they'll take, for instance, the £25 minimum payment listed on your statement, even if you've paid £25 to the card by manual transfer.

I intend only to make a manual payment if the Direct Debit isn't set up to receive the very first payment.

redux

I had a feeling I'd seen some discussion here to that effect, but having done a forum search here for tesco credit card direct debit there aren't a lot of results relevant to this point.

This one seems to hint it was an error rather than policy

https://forums.moneysavingexpert.com/discussion/5524804

Maybe it's worth asking to clarify this point during the activation call.

The reason I'm thinking go for manual and with low spending is that maybe this will make more use of the transfer carrying the full transferred amount to the end of the promotional period (subject to close checking T&C), whereas no spending means that £600 has been paid back against the transfer by then.

circuit

I recently did this. The balance transfer took 2-3 weeks. I could see the amount 'missing' from my available credit but there were no transactions. It finally went through the day after I activated the card using the app. Might have been coincidence, or they might wait until you activate before they process it.

vacheron

I've just applied for the Tesco balance transfer card online and was accepted on the 16th of September. Card arrived on the 21st and when I checked yesterday my 8k Transfer from Sainsburys had completed.

So for me about 10 days end to end, however I already had another Tesco CC so that may have sped things up a little.

TheShape

PIN arrived today. I imagine the card is not far behind. I had thought they'd arrived in the same post but it was another Tesco Debit Card.

Nasqueron

Just be careful your main card isn't also paid in full after the BT or you'll end up in credit and short of funds

redux

I applied 2 or 3 days before the OP, also at just after midnight.

Counting working days:

Applied Mon/Tues night (day 1)

PIN came Friday (day 4)

Card came an hour ago, Thurs (working day 8)

On the phone I'm told balance transfers can take 3 working days, while on the website it says transfers applied for before 5 pm go through the next day, while after 5 pm it counts as done on the next day. For both the money should arrive by end of business the day after Tesco process it.

So I should be fine for the 5th and 7th

phona

I transferred to Tesco and had a wee problem with it.
I completed a form on their internet banking for two separate BTs to two separate cards. It said it would happen when the card was activated.
The card arrived, I activated it. One of the BTs happened, the other remained in pending transactions. I called up and they said the second one was still blocked awaiting the card activation, so he put it through again and everything was fine in a couple of days.

My point is, there are bugs in the system. It could go smoothly for 99% of people but you could be caught out, especially cutting it as close as you are. I would make the minimum payment to the old card, just in case.

TheShape

Nasqueron wrote: »

Just be careful your main card isn't also paid in full after the BT or you'll end up in credit and short of funds

If the balance transfer doesn't complete in time, I want my card paid in full but obviously not both to occur. I'm going to keep a very close eye on things. Annoyingly, payment is due on a Monday and I expect they will start the collection process well before that.

redux

I applied for 2 balance transfers about the same time as my post 2 days ago.

They arrived on the other card accounts at some time between 3 and 11 pm yesterday.